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Banks and financial companies face high expectations. Whether for their businesses or their individual needs, people need to know their funds are safe. But they also want the best deals and most convenient options on the market.
Some financial companies have dropped the ball in recent years. For example, Wells Fargo is still dealing with the fallout from its fake accounts scandal, agreeing in February to pay a $3 billion fee to settle a civil lawsuit. Not many companies have engineered disasters on that scale, but consumers remain cautious about which businesses they trust with their money.
If you’re looking for a financial company with helpful features, great service, and a ton of personalization options, check out these five financial institutions that are doing things the right way:
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Discover is a financial company that offers a bit of everything. Personal banking accounts, credit cards, student loans—everything you’d expect from a traditional bank. Where some financial companies offer Stone Age service and treat customers like cattle, though, Discover takes the high road.
For instance, not one credit card in Discover’s lineup charges a membership fee. Additionally, for students and people with limited credit histories, Discover offers introductory cards that beat industry standards, such as providing cash back instead of just access to a small line of credit.
Additionally, the Discover Match program provides customers with a cash bonus equal to the amount of cash back they earn in their first year. Therefore, regular spenders can expect a major chunk of change around the same time other banks would charge an annual fee.
As a no-frills digital banking app with great service and support, Chime is a financial company that fulfills all the basic banking needs while providing a few helpful extras. For example, members of Chime can get their paychecks early with direct deposit features. They also enjoy fee-free overdraft protection and can send money instantly to friends through the app.
Chime also offers checking accounts with free debit cards and automatic savings features to round up every purchase. This helps users grow their savings a little at a time. A few cents here and there can add up to substantial savings over weeks and months, especially in a high-yield savings account. With no hidden fees and helpful features like these, Chime makes a great financial partner for anyone looking for a boost.
One of the biggest stars on the digital banking stage, Ally provides everything banking customers need to spend, invest, save, and plan for the future. Recently, Ally debuted savings buckets. These allow users to split their savings into categories to save for multiple things at once. For instance, you can save up for a down payment on a new car, grow your vacation savings, and build your emergency fund, all in the same account.
Ally also offers conveniences to help traditional banking customers make the switch to digital. Reimbursed ATM fees allow Ally customers to pull out cash whenever and wherever, and constant customer service makes it feel like Ally is a financial company that is right down the street, even with no physical branches.
SoFi made its mark by taking on the massive student loan debt crisis. However, this financial startup offers much more than refinancing services. For instance, users can open cash accounts, invest, and track their spending to identify bad habits and realign for faster debt repayment.
While traditional banks typically treat customers as sources of income, SoFi addresses its customers as members and gives perks to match. Members get access to free financial advice from SoFi advisors. They also receive invitations to members-only events. Anyone who refers a friend or family member can get even more perks through SoFi’s referral program. From home loans to home improvement budgeting and everywhere in between, SoFi works diligently to help its members get the most from their financial lives.
While the other financial institutions on this list got their start in recent years, Chase has earned its spot atop the traditional banking ranks. Chase offers big bonuses for customers who open personal and small business checking and savings accounts. And Chase’s credit card offerings are the best in the business. The Chase Sapphire Reserve offers travel perks and luxury to those looking for a nicer card. Meanwhile, the Chase Sapphire Preferred carries a more reasonable fee for everyday spenders.
Speaking of customer service, Sapphire Preferred and Reserve members get access to a special customer service line with no phone trees and virtually no wait times. Call in, input your information, and talk to a human whenever you need. That high level of support, combined with a variety of great financial products, makes Chase a top choice for anyone not ready to go all-digital just yet.
Consider These Financial Institutions for Your Next Investment
Some financial institutions may nickel and dime customers for low-level service, but these top five do business the right way with friendly support and helpful products. Whether you’re looking to change banks or you’re just in the market for a new credit card, consider these top contenders for your next investment.